Newcastle: Mike Ashley has reportedly agreed to sell Newcastle United for £350 million.

The Sun reported that the Englishman is ready to sell the English Premier League side to Shaikh Khalid Bin Zayed Al Nahyan.

The contracts between Ashley and Shaikh Khalid have been signed and submitted to the Premier League, according to the report.

Ashley, who bought a controlling stake in the Premier League club in 2007, has in the past tried to sell the club.

Ashley, who owns British sportswear retailer Sports Direct International PLC, said last October that he had not received any acceptable offers for Newcastle, a year after he officially put the club up for sale, but told Sky News in December that talks on a deal had made promising progress.

Any potential buyer of the club must be able to provide transfer funds, he had said at the time.

However, with nothing yet confirmed, loyal fans of the club - known as the Toon Army - will remain sceptical if hopeful. Newcastle have been close to takeover attempts in the past from Amanda Staveley and Peter Kenyon, but ultimately they proved unsuccessful.

Ashley is widely disliked by Newcastle fans after years of apparent mismanagement and it finaly appears he will part ways with the club after 12 years. The club have not won a major trophy since 1969. The supporters will also hope any sale will help persuade admired manager Rafael Benitez to remain on Tyneside.

Any potential buyer of the club must be able to provide transfer funds, he had said at the time.